The conferences will have a news conference on Monday to announce the deal. The games will take place the first Tuesday, Wednesday, Thursday and Friday of the regular season. The games will be played at home sites, four from each conference.
The first series of the Gavitt Tipoff Games will be at the start of the 2015-16 season. The matchups will be announced.
The Big Ten will continue its challenge with the Atlantic Coast Conference.
Gavitt, a Naismith Memorial Hall of Famer, was the founder of the Big East.